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Birlasoft Q4 FY22 Earnings Call

Birlasoft Margins improved on account of revenue growth, lower sub-contracting cost and better pricing, attrition continues to inch upwards

Published on 25 May 2022 .Views 10 .Comments 0
  • Q4FY22 In USD: Revenue at $ 146.4 M, up 2.1% QoQ & 18.8% YoY.
  • EBITDA at $ 23.2 M, up 6.5% QoQ & 11.5% YoY.
  • Margin at 15.8%, up 66 bps QoQ.
  • PAT at $ 17.7 M, up 15.9% QoQ
  • 30.7% YoY Signed deals of TCV $ 222 M during the quarter.
  • Q4FY22 In Rs: Revenue at ₹ 1,101.4 Cr, up 2.8% QoQ and 22% YoY
  • EBITDA at ₹ 174.5 Cr, up 7.2% QoQ & 14.5% YoY
  • PAT at ₹ 132.9 Cr up 16.6% QoQ and up 34.3% YoY.
  • FY22 in US $: Revenue at $ 555.2 M, up 15.8% YoY
  • EBITDA at $ 86.0 M, up 20.4% YoY
  • EBITDA margin at 15.5% vs 14.9% in FY21
  • PAT at $ 62.3 M; up 43.6% YoY
  • FY22 in INR: Revenue at ₹ 4,130.4 Cr, up 16.2% YoY
  • EBITDA at ₹ 640.1 Cr, up 21% YoY
  • Margin expansion of 60 bps YoY
  • PAT at ₹ 463.6 Cr, up 44.5% YoY
  • EBITDA margins for Q4 at 16.9% improved from 15.2% in previous quarter on account of revenue growth, lower sub-contracting cost and better pricing. Sub-contracting charges were 15.8% of the revenue in Q4 (17.5% in Q3) thus leading to lower SG&A expenses. Expected to be in the range of 11%-12% going forward as supply side challenges cool off.
  • Buyback Size accounts for ~25% of the eligible net-worth as on March 31, 2022 on standalone basis. The Company proposes to buyback 7.8 M shares under the Buyback, which amounts to 2.79% of the total shares outstanding as on date.
  • Signed deals of TCV $ 696 M during the year.
  • TCV new deal wins of $ 444 M and renewals of $ 252 M for FY22
  • Active Client Count at 296 in Q4 FY22
  • > $ 1 M customers at 80, up by 4 YoY o > $ 5 M customers at 25, up by 3 YoY o > $ 10 M customers at 13, up by 4 YoY
  • Revenue for Top 10 & Top 20 clients grew by 18.4% & 20.4% respectively in FY22
  • Cash & Cash equivalents of $ 161.6 M versus $ 153.1 M in FY 21; up $ 14 M YoY & $ 11.9 M QoQ
  • In ₹ terms, cash and cash equivalents at ₹ 1225 Cr vs ₹ 1118.9 Cr; up ₹ 106 Cr YoY
  • Q4 DSO at 58 days versus 56 days in Q4 FY21
  • Manpower strength of 12,204 as at 31st March 2022 versus 11,051 a year ago.
  • Net addition of 1,153 professionals during the financial year and 259 during the quarter.
  • Attrition increased from 31.4% in Q3FY22 to 34.3% in Q4FY22.
  • FY23 revenue growth and margins to be better than that of FY22 on account of pyramid optimization, automation, client mining, strong demand and better pricing.
  • Company is confident of achieving its target of $1 bn revenue by FY25 of which $800-$850 is expected to be organic.




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Yadnya Academy Pvt. Ltd. (InvestYadnya) is registered with SEBI under SEBI (Research Analyst) Regulations, 2014 with registration no. INH000008349. Disclosure with regard to ownership and material conflicts of interest

1. Neither Research Analyst nor the entity nor his associates or relatives have any financial interest in the subject Company;

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2. The subject company is not or was not a client during the twelve months preceding the date of recommendation.

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